REAL ESTATE

The real estate sector is one with a massive pent up demand. Confusion appears to have always dogged the sector as to what role governments should play, especially in the provision of affordable housing for the poor and underprivileged. In the past (during the 1980s) it had tried direct intervention by building estates and commercial properties. However, there has been little to show for these efforts much of which is due to the unique situation of the country with respect to corruption and the rule of law.

In recent times, the private sector has led the way and has made massive investments into the space by servicing the upper and more profitable segments of the market. The lack of mortgage facilities, paucity of long term funds and other factors play together to make the long quoted figure of 17m housing deficits unlikely to change in the near future. Tackling this housing deficit remains a major challenge for the country. The low level of local content in construction further worsens the situation.

The spate of collapse during and after construction is rampant in the country and there is a dearth of building skills in the industry largely due to lack of a certification process. Local R&D in the sector has also been very low such that many buildings are not fitted to the local weather neither are they energy efficient. Nextzon can bring its experience to bear in assisting government and other industry players articulate viable solutions to some of these problems including the introduction of winning strategies to be adopted by discerning industry players.

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